Citigroup to slash 11,000 jobs

1:38 AM,
Dec. 6, 2012

Written by

Beth Belton
USA Today

Citigroup, the nation's third-biggest bank, said Wednesday that it plans to cut more than 11,000 jobs, 4 percent of its worldwide workforce in an effort to reduce costs.

The company said it will take a pretax charge of about $1.1 billion this quarter and expects savings in 2013 to be $900 million.

"These actions are logical next steps in Citi's transformation," CEO Michael Corbat said. "While we are committed to - and our strategy continues to leverage - our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful ...